Marathon Digital (NASDAQ:MARA) Shares Up 2%

Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s stock price traded up 2% during mid-day trading on Thursday . The company traded as high as $16.95 and last traded at $16.39. 12,380,103 shares traded hands during trading, a decline of 82% from the average session volume of 70,649,719 shares. The stock had previously closed at $16.07.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on MARA shares. HC Wainwright restated a “buy” rating and issued a $35.00 target price on shares of Marathon Digital in a research note on Tuesday, March 19th. StockNews.com upgraded shares of Marathon Digital from a “sell” rating to a “hold” rating in a report on Tuesday, April 23rd. JPMorgan Chase & Co. lifted their price target on shares of Marathon Digital from $16.00 to $16.50 and gave the company an “underweight” rating in a research note on Wednesday, April 10th. BTIG Research upgraded Marathon Digital from a “neutral” rating to a “buy” rating and set a $27.00 price objective for the company in a report on Wednesday, January 17th. Finally, Chardan Capital upped their target price on Marathon Digital from $26.00 to $30.00 and gave the stock a “neutral” rating in a report on Monday, March 4th. One analyst has rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $21.11.

Marathon Digital Stock Performance

The company has a market capitalization of $4.66 billion, a P/E ratio of 19.51 and a beta of 5.38. The stock’s fifty day moving average price is $20.47 and its 200-day moving average price is $18.07. The company has a debt-to-equity ratio of 0.20, a quick ratio of 30.51 and a current ratio of 30.50.

Marathon Digital (NASDAQ:MARA) last issued its earnings results on Wednesday, February 28th. The business services provider reported ($0.02) EPS for the quarter, missing the consensus estimate of $0.05 by ($0.07). Marathon Digital had a negative return on equity of 4.61% and a net margin of 48.93%. The business had revenue of $156.77 million for the quarter, compared to the consensus estimate of $138.15 million. As a group, research analysts anticipate that Marathon Digital Holdings, Inc. will post -0.04 EPS for the current fiscal year.

Hedge Funds Weigh In On Marathon Digital

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Jennison Associates LLC lifted its stake in shares of Marathon Digital by 34.3% during the 1st quarter. Jennison Associates LLC now owns 28,514 shares of the business services provider’s stock worth $644,000 after buying an additional 7,280 shares during the last quarter. Mutual of America Capital Management LLC acquired a new stake in Marathon Digital during the first quarter worth approximately $1,205,000. FinTrust Capital Advisors LLC acquired a new stake in Marathon Digital during the first quarter worth approximately $90,000. Private Advisor Group LLC boosted its holdings in shares of Marathon Digital by 9.3% during the first quarter. Private Advisor Group LLC now owns 40,203 shares of the business services provider’s stock worth $908,000 after acquiring an additional 3,421 shares during the period. Finally, Commonwealth Equity Services LLC grew its position in shares of Marathon Digital by 2.1% in the first quarter. Commonwealth Equity Services LLC now owns 70,974 shares of the business services provider’s stock valued at $1,603,000 after purchasing an additional 1,430 shares during the last quarter. 44.53% of the stock is owned by institutional investors.

Marathon Digital Company Profile

Marathon Digital Holdings, Inc operates as a digital asset technology company that mines digital assets with a focus on the bitcoin ecosystem in United States. The company was formerly known as Marathon Patent Group, Inc and changed its name to Marathon Digital Holdings, Inc in February 2021. Marathon Digital Holdings, Inc was incorporated in 2010 and is headquartered in Fort Lauderdale, Florida.